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Judge stops all Bank of America foreclosures in Utah

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Judge stops all Bank of America foreclosures in Utah

This topic contains 17 replies, has 0 voices, and was last updated by Avatar of dgraber dgraber 11 years, 1 month ago.

Viewing 15 posts - 1 through 15 (of 19 total)
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  • #6280
    Avatar of dgraber
    dgraber
    Member
    #32209
    Avatar of neftalipazo
    neftalipazo
    Member

    Thank you. Great article.

    Now, I guess it begs the question: How does this ruling impact our way of conducting business? Be it through EHT, LFC/EHT, 3 ARCK/EHT, SS, in or outside of Utah? I would like to hear from our mentors their opinion as it relates to this matter.

    Neftali.

    #32210
    Avatar of dave salcido
    dave salcido
    Member

    Let me take a stab at answering your question Neftali. I don’t think this ruling changes anything with respect to “how we do business”. This is the interesting thing about all that has occurred in the last few years and all that we have been discussing. Nothing has had to change. First of all, what is our “business”? For most, our business is our J.O.B. On the side, we make offers to acquire an interest in land trusts. How do we make it happen? That is, how do we successfully accomplish this task?

    1. We make an offer to acquire an interest in the homeowner’s land trust (no real secret here)
    2. We get the offer signed
    3. We use whatever arrows we have in our quiver that will mutually benefit us and the homeowner in making the land trust valuable (EHT, SS, LFC, 3ARCK, etc)
    4. We either exercise our option to acquire our interest or the property has already been put into a land trust and we have been assigned our co-beneficiary interest in the trust
    5. We cash flow the property if we can and then we sell the property for a profit, share the equitable interests and terminate the trust.
    6. On to the next property

    So, I ask you, how does this ruling change how we do business? It doesn’t. It may open some additional doors to those of us who are active participants rather than sideline rooters or naysayers and complainers. I remain optimistic that I will get better at using the arrows that have been promoted on this board for months but most have been unwilling or afraid to try.

    Neftali, Here’s the real lesson. I hope we can all take stock in what is occurring. In my opinion, we are experiencing a renaissance of pandemic proportions. Tyrannical nations and corporations with no allegiance to humanity are losing power to more educated and more empowered citizens (and now even some enlightened judges). We do not necessarily know what the future holds as all things seem to be in commotion. But as long as there are wealthy individuals that lurk in the halls of government as peddlers of influence, there will always be the Illinois style land trust. That is good news for those of us that know how to use this wonderful tool in the same way that the rich folk do, regardless of the ever changing sociopolitical and economical climate.

    #32211
    Avatar of shortsaleguy
    shortsaleguy
    Member

    @Dave Salcido wrote:

    ..

    So, I ask you, how does this ruling change how we do business? It doesn’t. It may open some additional doors to those of us who are active participants rather than sideline rooters or naysayers and complainers. I remain optimistic that I will get better at using the arrows that have been promoted on this board for months but most have been unwilling or afraid to try.

    Rulings are not of interest to me. There will never be a ruling that alienates property from the owner for if there were we would no longer be in America.

    There are a lot of “arrows for the quiver” and thanks to people like Bill, Scott and David we have access to them. I have no FEAR. The only problem is this, Some of your ARROWS cost a big chunk of MONEY up front and that is something I cannot afford to RISK. IF I can get into this without any money out of pocket or the pocket of others then this is for me. IF not I am wasting my time.

    #32212
    Avatar of corkhorner
    corkhorner
    Participant

    Short Sale Guy, being ‘known’ is part of ‘success’.

    Like: Bill Gatten, Scott Moyes, Dave Salcido, Gary [the doctor] Mialocq, Stu Stanton and yes a Cork Horner. There are many others here with Real Names. Very Refreshing.

    -0- dn financing, creative strategies are everywhere and a dime a dozen. How do I ‘know’? Since 1961 thats how. I have ben paid for my abilities , experiences, contacts and pool of knowledge.

    In short. MOTIVATED sellers and MOTIVATED buyers will do basically ANYTHING when presented with ideas, concepts, forms, formulas BY those who either appear worthy of trust lor have a background to trust. Fair enough so far?

    In this major cultural and economic transfer occuring in ‘America’ is ANYBODY’S ball game for those who have the chutzpah [balls] to just FRIGGIN DO IT. No codes needed.

    If this gets erased, I will be heightening my search for those who prefer hiding.

    A. Corker
    Cork Horner
    1937-2237 [at least]

    http://www.facebook.com/corkhorner
    what’s yours?

    #32213
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Just two weeks ago BofA announced it was dumping ALL of it’s Real Estate Holdings. It seems the government is bailing them out and paying them .90 on the dollar and letting them walk away. Because of this, my Attorney and Title Officer believes we haven’t seen the bottom yet.

    #32214
    Avatar of janediehm
    janediehm
    Member

    Whoa, Scott, that is too big for me to begin to comprehend! My mind is completely boggled. Can you elucidate further on the most likely scenarios?

    Jane Diehm

    #32215
    Avatar of corkhorner
    corkhorner
    Participant

    this means the feds will own ALL bofa mortgage assets or in Utah?

    Then the homeowner debtor owes WHO?

    c h

    #32216
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Government owned banks now own 60+% of all Real Estate and now that BofA is dumping all it’s RE and turning it over to those same banks, the Government will now essentially own as much as 70% to 80% of all our homes. The “Bailout” or Dumping of these properties, in the millions, will no doubt bring values down even more.

    I personally believe that NOW is the time to GO FOR IT with regard to LFC & 3ARC type strategies.

    #32217
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @corkhorner wrote:

    this means the feds will own ALL bofa mortgage assets or in Utah? Then the homeowner debtor owes WHO? c h

    This is not just Utah. The Judges have stopped all current foreclosure proceedings of BofA properties… FOR NOW. I’m sure they will pick right up where they left off as soon as the “Assignments” to the new Gov Banks is complete.

    #32218
    Avatar of amyhutton
    amyhutton
    Participant

    So what does this mean to me, a Florida homeowner in a loan modification with B of A?

    Amy

    #32219
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @amyhutton wrote:

    So what does this mean to me, a Florida homeowner in a loan modification with B of A?Amy

    I have no faith in Loan Mods, period. With almost any Loan Mod the lender can decide to sell the house out from underneath you without any further notice, as has happened to two people I personally know and countless others according to The Wall Street Journal and MSNBC.

    A loan mod requires some sort of negotiation, right? Why would anyone in their right mind attempt a negotiation with someone who has already defrauded them?

    BofA is going to be assigning all their mortgages so who knows what’s going to happen to them. In my opinion, it is the goal of the current liberal administration to strip all Americans of their property rights. It looks like they are doing a good job of it.

    This is about MUCH MORE than Real Estate!

    #32220
    Avatar of amyhutton
    amyhutton
    Participant

    You ask >>Why would anyone in their right mind attempt a negotiation with someone who has already defrauded them? <<

    My answer: I did it because I couldn’t be sure they wouldn’t just foreclose if I didn’t enter into a loan mod. I’m not so sure they won’t STILL foreclose, but I figure this is my shot at staying here long enough for some money from my short sale activities to come in and help us.

    By making the new payments on time every month, I HOPE that give me a little power to at least say, “I did everything they told me to do.”

    Frankly, as soon as I have the $$ for 3ARCK, I’m going for it. Finding another 8 bedroom 4 bath home is not going to be easy.

    Amy

    #32221
    Avatar of buzzbox
    buzzbox
    Participant

    As Scott mentioned above, if BofA is unloading on the tax payers at 90 cents on the dollar for distressed loans, why would they even consider a loan mod or even a short sale?

    This sounds like another IndyMac deal to me.

    Also, what about loan settlement efforts, are BofA loans going to become government loans? Can you imagine trying to settle things under that scenerio?

    #32222
    Avatar of shortsaleguy
    shortsaleguy
    Member

    That explains it. I just went 10 months on a Short sale deal with BS of A holding both 1st and 2nd. At the last week they rejected my offer of 145K to a 200K FMV house. The countered at 220K FMV + 10 percent. Two days before the Court house auction my agent found a buyer at 219,900. They rejected it and went to auction. An REO and some real ticked off, nice before Sellers.

    People you deal with Bank of America like we deal with Terrorists. You DO NOT NEGOTIATE.

Viewing 15 posts - 1 through 15 (of 19 total)

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